Hey kids! Did you know Los Angeles has a new tax on really expensive houses? It's called a mansion tax, and it only applies to homes sold for over $5.15 million! This is like a special extra tax you pay when you sell a super-duper fancy house.
- It's a tax on houses sold for more than $5.15 million in Los Angeles.
- The tax is paid by the seller when the house is sold.
- The money helps build affordable housing and stop homelessness.
| Sale Price | Tax Rate |
|---|---|
| $5.15 million - $10.3 million | 4% |
| Over $10.3 million | 5.5% |
For example, if a house sells for $6 million, the seller pays an extra $240,000 in taxes! This tax started in April 2023 and raised $192 million in its first 10 months. It's important for people selling expensive houses in Los Angeles to know about this new tax.
